You could certainly bid on a home at a Sheriff's sale. You could also become the lucky high bidder. Most likely, the only bidders there will be you and the lender who will be bidding against you for the deed to the property. In most instances, only the lender shows up and nobody bids against them, so they become the lucky high bidder, because they are the sole bidder. Sometimes, the selling price at the Sheriff's sale is less than the outstanding mortgage, but it depends on the lender and situation.
The first question you need to ask yourself is.... are you willing to pay nearly half a million dollars for a property that you may or may not be able to see before you bid? The next questions is... Do you understand that if somebody lives there now, they could remain living in the home for a period of six months AFTER you acquire the property and they can do that rent free while causing damage to YOUR property?
There are many risks pertaining to buying a home at a sheriff's sale, which is why there aren't numerous investors at such sales.
My recommendation to you is to call me if you want to purchase this home. I know of a number of ways to minimize your risks. You'll have to act quickly, but there are better ways to acquire this property.